Removing Barriers Blog

Faith Lleva Anderson Testifies Before House Committee on Behalf of CUNA
Posted June 28, 2017 by CUNA Advocacy

The Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing today entitled, “Examining the BSA/AML Regulatory Compliance Regime.”  Faith Lleva Anderson, SVP and General Counsel for American Airlines Federal Credit Union, was a witness on behalf of CUNA.  Ms. Anderson also serves on the Consumer Protection Subcommittee for CUNA. 

During her testimony, Ms. Anderson gave an overview of her written testimony where she outlined: 

  • How her credit union complies with the BSA/AML requirements; 

  • Which requirements are the most burdensome; and 

  • Suggested changes to the statutory framework. 

Today’s hearing had many technical points, but a number of Committee members asked questions and discussed the many compliance burdens associated with BSA/AML.  A couple highlights include: 

  • As a fellow Texan, Rep. Roger Williams (R-TX) welcomed Ms. Anderson to the Committee and identified that credit unions are pillars of the community 

  • Rep. Denny Heck (D-WA) told Ms. Anderson and that he found her testimony, “refreshingly specific and concrete” 

  • Rep. Mia Love (R-UT) referred to community banks and credit unions as the lifeblood of their communities 

  • Many of the witnesses agreed that the ability to share information would help ease compliance reporting burdens  

CUNA supports efforts to track money laundering and terrorist financing, and looks forward to working with the Committee to strike the right balance between the costs to credit unions, and the benefits to the federal government from the BSA, AML, and Office of Foreign Assets Control (OFAC) regulations.  As such, CUNA supports legislative and regulatory changes to address the redundancies, unnecessary burdens, and opportunities for efficiencies within the BSA/AML statutory framework.